accounting and regulations

Accounting and regulations

Singapore Company Fined for Misusing Major Exporter Scheme

13-Mar-13

Kian Min Express Transport Pte Ltd, a freight forwarding company in Singapore, is the first company to be charged for misusing its Major Exporter Scheme (MES) status to import goods without paying the Goods & Services Tax (GST).

Standard-Setter Proposes Recognition of Credit Losses on a More Timely Basis

08-Mar-13

IASB publishes revised proposals for loan-loss provisioning.

IASB Seeks Comments for Proposed Amendments to IAS 39 Financial Instruments

07-Mar-13

The objective of the proposed amendments is to introduce a narrow scope exception to the requirement for the discontinuation of hedge accounting in IAS 39.

China Clarifies Corporate Income Tax Treatment for Non-Resident Enterprises Under VAT Reform

07-Mar-13

China’s State Administration of Taxation (SAT) has released an announcement concerning the corporate income tax (CIT) treatment for non-resident enterprises in the value-added tax (VAT) pilot reform.

Hedge Accounting: After the IASB Fix, What Next?

06-Mar-13

The global accounting standards setter has amended the flawed language in the proposed hedge accounting standard. Does it solve the problem?

Malaysia Issues Roadmap for Private Entities Financial Reporting Framework

04-Mar-13

The Malaysian Accounting Standards Board has published a roadmap which explains the board’s plan with regards to private entities that meet specified criteria to use the Financial Reporting Standards for Small and Medium-sized Entities (FRS for SMEs) beginning in 2016.

China-Based Company and Former CFO to Pay Penalties for Disclosure and Accounting Violations

01-Mar-13

The U.S. SEC has charged Keyuan Petrochemicals and its former CFO with accounting and disclosure violations, and they agreed to pay more than $1 million combined to settle the charges.

Deloitte: Hong Kong's New Budget Measures Elude Tax Concerns of Businesses

28-Feb-13

Despite the tax relief and incentives announced in the 2013 budget, the Hong Kong government still has not addressed many important requests from the business community, including a long overdue comprehensive review of the tax system, says Deloitte in reaction to Financial Secretary John Tsang's budget speech for the new administration.

Singapore Introduces Tax Measures to Achieve 'Quality Growth'

27-Feb-13

Singapore needs to intensify its economic restructuring and skills upgrading so as to achieve quality growth, says Deputy Prime Minister and Finance Minister, Tharman Shanmugaratnam.

Capital, Liquidity and FATCA Compliance are Top Issues for Banks in Asia

22-Feb-13

Capital, liquidity and FATCA compliance are top issues for banks in Asia, finds a recent KPMG report on banking regulations.

Accounting and Regulations

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